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VanEck Bitcoin ETF Withdrawn, Swarm Offers Free Security Tokenization, and Crypto Market Watch

VanEck Bitcoin ETF Withdrawn, Swarm Offers Free Security Tokenization, and Crypto Market Watch
By Decentrl.Agency • Issue #8 • View online

Market Watch
Bitcoin:
Our previous Market Watch had Bitcoin sitting at $4000, facing resistance on low volume. Unsurprisingly, we saw a sell off. Following that initial drop, the price maintained low velocity, chopping in a relatively narrow $250 range with our previous level $3700 acting as resistance.
XBT/USD
XBT/USD
In just the last 48 hours, we saw Bitcoin drop and get swiftly bought up at our previously mentioned downwards target of $3400. The volume seen on this buy up showed reasonable interest but was not high enough to yet confirm any sort of reversal. The price action has begun to fill out a “falling wedge” pattern, typically seen as a bullish reversal pattern.

A break out above and we look to the now established $4000 zone as the first resistance. A break down into new lows and our first support target remains $2800.
Ethereum:
Following up on our Ethereum Market Watch, we can see that price action played out beautifully, falling from the rounded top and finding support at $115.

Charts can often hint at future news before it has surfaced, and this provided a textbook example. In our last update, we noted the dire weakness of Ethereum’s trend despite the upcoming hardfork catalyst. Closing in on the date for the hardfork, it was announced by the development team that the upgrade (and subsequent supply reduction from 3 to 2 ETH earned per mined block) would be delayed. This came as no shock to traders. It didn’t take insider information to know $155 was a great place to sell Ethereum.
ETH/USD
ETH/USD
Going forward, there are two key areas we can surmise the price will want to visit: to the upside we eye a volume gap at $142, with heavy overhead resistance at $147. In the event of a break down, we look towards $99 with considerable support from $98 down to $95. For those who shorted $155, it would be keen to realize some profits here. For those in no position, there is no need to rush into one. Ethereum sits at support with no clear indication of future direction. Justification for longs can be made, but anticipating and reacting to a break down is equally justifiable.
News
The CBOE has withdrawn their proposal for the much anticipated and long-awaited VanEck SolidX bitcoin ETF. If the the US government shutdown continued through Feb. 27th, the ETF would have been approved by default. Gabor Gurbacs, Director of Digital Asset Strategy at VanEck, tweeted that the withdrawal is temporary.

STO issuance platform Swarm introduced a new pricing model, doing away with initial fees. Their new free-tokenization proposal, unlike any competing system, simply requires the issuer to set a funding goal, then when the goal is reached, the issuer receives a stake between .5% and 1% in SWM tokens. The new system was piloted by TheArtToken, a tokenized portfolio of art, which successfully raised over $16 million.

Vlad Zamfir, a lead researcher at Ethereum and Ethereum Foundation member, is joining the Galaxy Digital and BlockTower backed R&D start-up Casper Labs. Focused on creating a “fully scalable blockchain”, Casper Labs is headed by President of DNA Fund Scott Walker.

The Bank for International Settlements (BIS) published a paper (“Beyond the doomsday economics of ‘proof-of-work’ in cryptocurrencies”) arguing that, without high block rewards, Bitcoin is destined to become insecure by design. As arguably the antithesis of Bitcoin, this comes off as more unsurprising rhetoric from the organisation that calls bitcoin things like “a bubble, Ponzi scheme and an environmental disaster”. Yet, for an idea that’s both doomed and dastardly, they can’t seem to stop talking about it.

The average daily Bitcoin transactions relating to darknet markets have almost doubled over the course of 2018. These kinds of transactions have been steadily rising the past few years, slowed only by crackdowns on large darknet markets like Alphabay and Hansa.

A hacker was allegedly selling tens of thousands of documents containing the personal information of cryptocurrency exchange users. Employing the moniker “ExploitDOT”, the hacker explained the documents contained stolen KYC information, including photos of users holding their passports with faces visible with even geo-location information embedded in the photos.

Distributed Technology Research, a non-profit foundation made up of the academics from seven Universities including MIT and Stanford, with backing from hedge fund Pantera Capital Management LP, is working to create a cryptocurrency that can process thousands of transactions a second called “Unit-e”.

The head of work group on cryptocurrency issues of the State Duma Elina Sidorenko squashed recent rumors about the Russian government buying billions of dollars in cryptocurrency. “The Russian Federation, like any other country in the world, is simply not ready today to somehow combine its traditional financial system with cryptocurrencies,” she explained in an interview at Blockchain & Bitcoin Conference Moscow.
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